Cipher Mining Provides Fourth Quarter and Full Year 2024 Business Update

Core Insights - Cipher Mining Inc. reported fourth quarter 2024 net earnings of $18 million and adjusted earnings of $51 million, reflecting a strong operational performance [1][7] - The company successfully upgraded its Odessa fleet, increasing its total self-mining hashrate to approximately 13.5 EH/s [1][2] - Cipher completed the acquisition of the Stingray data center site, which has a capacity of 100 MW, and secured additional land for future expansion [1][2] Financial Performance - For the year ended December 31, 2024, revenue from bitcoin mining was $151.27 million, up from $126.84 million in 2023 [17] - The total costs and operating expenses for 2024 were $194.97 million, leading to an operating loss of $43.70 million [17] - The net loss for the year was $44.64 million, or $0.14 per diluted share, compared to a net loss of $25.78 million, or $0.10 per diluted share in 2023 [18] Operational Highlights - The company has a pipeline of 2.8 GW of site capacity, with plans for both HPC and bitcoin mining data centers [3][7] - Phase I of the Black Pearl project, featuring 150 MW of capacity, is on track to energize in the second quarter of 2025, expected to generate over 9.5 EH/s [7] - Cipher has entered into a 60-day exclusivity agreement with Priority Power to negotiate the construction of an additional 500 MW HPC data center adjacent to its Barber Lake site [2][7] Strategic Developments - The acquisition of 337 acres of land adjacent to the Barber Lake site is part of Cipher's strategy to expand its data center capabilities [1][2] - The company aims to position itself as a leading developer of HPC infrastructure while maintaining excellence in bitcoin mining [3]